Home loans

What is the loan approval process and how long does it take?

6 min read

Home loans

What is the loan approval process and how long does it take?

3 min read


If you’ve applied for a home loan, waiting for approval can be an anxiety-inducing process. We try to make it as smooth as possible, but there’s no denying that buying a house is a big deal, so it’s not surprising that the emotions involved can tend towards the extreme end.

However, knowing how the process works and what to expect can make things a little less stressful.

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Ensure your application is complete

To make the approval process as quick and easy as possible, you should make sure that your application is complete. This involves checking that all your personal information is correct, that your income and expense details are accurate, and that any requested documents are supplied. If you’re not sure that everything is in order, please chat to your Suncorp Bank Home Loan Specialist or mortgage broker. Better to double-check everything now than run into a hurdle later.

Verification and credit check

Once your completed application is submitted, all the information you’ve provided will be verified to ensure that it meets Suncorp Bank requirements. If you’ve been as accurate as you can, this stage should be pretty painless. Suncorp Bank will also conduct a credit check.

After these checks, Suncorp Bank will confirm any applicable conditions on the loan, such as a requirement that the property be insured. At this stage, a property valuation may be conducted, and a search on the title to ensure that there are no special circumstances that could impact the purchase.

If any further information or documentation is required, your Suncorp Bank Home Loan Specialist will let you know.

Final approval

Once these conditions have been met, you’ll receive notice of your approval outcome from your Suncorp Bank Home Loan Specialist.

There’s no fixed period within which an outcome is guaranteed, but the whole process generally takes a few business days.

Next steps

If your loan is formally approved, Suncorp Bank will send you your home loan contract. This should be thoroughly checked, with a second (or third!) set of eyes on it if you need them, before being signed and returned as soon as possible.

When the contract is received and all the requirements are met, the loan application will proceed to settlement.

Get expert assistance 

If you have questions about our loan approval process, contact a home lending specialist for an obligation-free consultation.​

Talk to a home loan expert

Published 27 January 2022

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The information is intended to be of a general nature only and any advice has been prepared without taking into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it. We do not accept any legal responsibility for any loss incurred as a result of reliance upon it – please make your own enquiries.

Home Loans are provided by Suncorp-Metway Ltd ABN 66 010 831 722 AFSL No. 229882 Australian Credit Licence 229882 (“Suncorp Bank”) to approved applicants only. Please read the relevant Product Information Document, Lending Fees and Charges and Home Package Plus Terms and Conditions before making a decision regarding any Suncorp Bank products. Fees, charges, terms and conditions apply and are available on request or on our Product Information Documents and Forms page.